Sharp Stock Market Decline Has Begun

The Nasdaq Composite (IXIC) has the clearest wave count and appears to have completed a five wave pattern from the high at 5311 to the low at 5112. If the pattern is complete there will probably be a counter trend rally to the 5188 to 5200 area. 5188 = .382 of the move from 5311 to 5112.
5200 = .382 of the move from 5342 to 5112
There is additional Fibonacci resistance at 5200 which is the end of wave (iv) Horizontal Triangle.
If IXIC can rally it may be complete on 11/2/16 probably after the FOMC announcement.
If the decline continues, minimum target is the June 27th Brexit bottom
Maximum downside target is February bottom.
Minimum time target 11/9/16